{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_9.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res} 1 Nov 2025, 00:46:58
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Valuation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2019/2020 {c -(};
{txt}  2{com}.         forval t = 1/3 {c -(};
{txt}  3{com}.                 Valuation 0 `y' `t';
{txt}  4{com}.         {c )-};
{txt}  5{com}. {c )-};
2019
0     1     3.375e-14     3.020e-14     0
1     2309     4.486e-10     9.977e-10     4.764e-08
2     1578     4.491e-10     9.986e-10     4.769e-08
3     2135     4.417e-10     9.969e-10     4.685e-08
4     2002     4.428e-10     9.963e-10     4.680e-08
5     1840     4.430e-10     9.967e-10     4.680e-08
6     1922     4.438e-10     9.986e-10     4.694e-08
2019
0     1     2.665e-14     2.487e-14     1.776e-15
1     1815     4.495e-10     9.999e-10     4.733e-08
2     1256     4.474e-10     9.953e-10     4.711e-08
3     1226     4.478e-10     9.961e-10     4.715e-08
4     1567     4.490e-10     9.991e-10     4.730e-08
5     1195     4.474e-10     9.952e-10     4.714e-08
6     1094     4.494e-10     9.996e-10     4.735e-08
2019
0     1     3.375e-14     3.020e-14     1.776e-15
1     1941     4.486e-10     9.980e-10     4.723e-08
2     1658     4.486e-10     9.968e-10     4.707e-08
3     1988     4.312e-10     9.978e-10     4.474e-08
4     1911     4.394e-10     9.971e-10     4.478e-08
5     1685     4.413e-10     9.996e-10     4.471e-08
6     1819     4.401e-10     9.964e-10     4.455e-08
2020
0     1     2.842e-14     2.842e-14     1.776e-15
1     1701     4.277e-10     9.955e-10     2.892e-08
2     1155     4.295e-10     9.997e-10     2.904e-08
3     1530     4.223e-10     9.973e-10     2.846e-08
4     1453     4.238e-10     9.974e-10     2.843e-08
5     1275     4.241e-10     9.983e-10     2.843e-08
6     1356     4.232e-10     9.962e-10     2.839e-08
2020
0     1     1.688e-14     1.865e-14     3.553e-15
1     1750     4.326e-10     9.998e-10     2.921e-08
2     1326     4.311e-10     9.961e-10     2.910e-08
3     1209     4.355e-10     9.941e-10     2.947e-08
4     1559     4.329e-10     9.929e-10     2.950e-08
5     1296     4.332e-10     9.946e-10     2.957e-08
6     1124     4.341e-10     9.965e-10     2.963e-08
2020
0     1     3.020e-14     2.931e-14     5.329e-15
1     1542     4.296e-10     9.969e-10     2.890e-08
2     1329     4.301e-10     9.941e-10     2.874e-08
3     1717     4.013e-10     9.966e-10     2.627e-08
4     1643     4.124e-10     9.928e-10     2.592e-08
5     1565     4.178e-10     9.941e-10     2.587e-08
6     1268     4.204e-10     9.988e-10     2.597e-08
{txt}
{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_9.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res} 1 Nov 2025, 02:29:30
{txt}{.-}
{smcl}
{txt}{sf}{ul off}